SBP brushes aside the rumours of holding an emergency meeting of the Monetary Policy Committee
The State Bank of Pakistan (SBP) on Friday brushed aside the rumours of holding an emergency meeting of the Monetary Policy Committee (MPC).
SBP said such reports were “completely baseless”.
The central bank in a statement also posted on X-platform said, “The reports making rounds in media about holding of an emergency meeting of the MPC of SBP are completely baseless.”
According to the SBP, it would be “premature to forecast the future policy rate as only the MPC, which is an independent statutory body, is empowered to decide about the policy rate”.
“The next committee meeting was scheduled for September 14, during which the MPC would take stock of the economic developments and take [an] appropriate decision in the matter,” the central bank added.
Reports circulating in media about an emergency meeting of the Monetary Policy Committee are completely baseless. Next meeting is scheduled for Sep 14, 2023, during which the committee will assess the economic developments and take appropriate decisions.https://t.co/F60313DJAu pic.twitter.com/ajechHYlf3
— SBP (@StateBank_Pak) September 1, 2023
The statement from SBP comes amid speculation by analysts about the policy rate being hiked to 300 basis points in light of a fragile economy and the steady depreciation of the rupee.
